Technically Crude Palm Oil market is under long liquidation as market has witnessed drop in open interest by 26.01% to settled at 2128 while prices down 12.3 rupees.
Now MCX Crude Palm Oil is getting support at 1122.3 and below same could see a test of 1116.5 levels, and resistance is now likely to be seen at 1136.7, a move above could see prices testing 1145.3.
Crude Palm Oil yesterday settled down by 1.08% at 1128 amid an outlook of better vegetable oil production next year. Southern Peninsula Palm Oil Millers’ Association’s (SPPOMA) production data had cushioned the fall in CPO prices.
SPPOMA revealed the Nov 1-20 production data was lower by 2.4%, compared to the same period last month. Indonesia’s total palm oil exports are expected to fall for a second year by 0.34% in 2021 from a year earlier, the vice chairman of the country’s palm oil association said.
Indonesia’s crude palm oil exports, meanwhile, are expected to plummet by 60.5% this year compared to 2020, vice chairman Togar Sitanggang told.
Global production of the top four vegetable oils – palm, sunflower, soy and rapeseed oils – is likely to rise the highest in four years, up by 6.3 million to 6.8 tonnes in the 2021/2022 crop year altogether.
India’s palm oil imports in 2020/21 rose 15.2% from a year ago to 8.32 million tonnes, while soyoil imports fell 15% to 2.87 million tonnes, a leading trade body said.
The country’s vegetable oil imports for the 2020/21 marketing year ended on Oct. 31 stood at 13.53 million tonnes, a tad higher than 13.52 million tonnes a year ago, the Solvent Extractors’ Association of India (SEA) said. In spot market, Crude palm oil dropped by 7.6 Rupees to end at 1134.9 Rupees.
–Crude Palm Oil trading range for the day is 1116.5-1145.3.
–Crude Palm Oil dropped amid an outlook of better vegetable oil production next year.
–Indonesia 2021 total palm oil exports seen down 0.34%
–India’s palm oil imports in 2020/21 rose 15.2% from a year ago to 8.32 million tonnes, while soyoil imports fell 15% to 2.87 million tonnes
–In spot market, Crude palm oil dropped by 7.6 Rupees to end at 1134.9 Rupees.
Courtesy: Kedia Commodities
Source: Comodity Online